Chai with Pabrai

Mohnish Pabrai's Interview with Stig Brodersen at The Investor's Podcast on March 23, 2026.


(00:00:00) - Introduction

(00:00:41) - Berkshire Hathaway: Warren Buffett vs. Greg Abel

(00:04:39) - Greg Abel vs. Ajit Jain; Compensation at Berkshire

(00:08:15) - Investing horizon of 50-100 years; Berkshire Hathaway vs. S&P 500 index

(00:09:48) - Running my own company and team; Delegation and structuring

(00:12:34) - Pabrai Wagons ETF

(00:13:24) - Inner scorecard vs. Outer scorecard

(00:16:16) - Investing in Turkey; Micro trumps the macro

(00:18:44) - Diversification of portfolio; Walmart

(00:21:25) - Constellation Software Services; Mark Leonard

(00:25:14) - Frontline; Micheal Burry

(00:29:58) - Met coal vs. IPSCO; CONSOL Energy & AMR

(00:35:48) - Selling a stock; Walmart and Nifty 50 in 1970's

(00:39:49) - Portfolio concentration

(00:41:24) - What I Learned About Investing from Darwin by Pulak Prasad; Microsoft & Walmart

(00:44:22) - Guy Spier

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization. 

The interview host is an investor in Pabrai Funds and therefore has a financial interest in the funds' performance, which creates a potential conflict of interest. The host was not compensated for this interview. The views expressed are those of the host and Mohnish Pabrai and do not constitute investment advice or a recommendation to invest.

Mohnish Pabrai's Q&A session with Dakshana scholars at the JNV Bangalore Urban, Karnataka, India on December 25, 2025.                       
(00:00:00) - Introduction

(00:00:31) - Charlie Munger's mental models

(00:05:40) - The Karam Yogi model; Mukesh Ambani & Jio

(00:09:45) - Books: Time travel for entrepreneurs

(00:12:01) - The Founders Podcast

(00:16:01) - Giving back through Dakshana

(00:20:29) - Upanishads: Your deepest desire is your destiny

(00:24:13) - Building Dakshana: Cloned from the Super 30 model

(00:33:32) - Follow your passion, success follows naturally

(00:35:10) - With hard work think smart

(00:36:42) - Clone smartly, compete confidently

(00:39:05) - Technology is overrated, follow your passion

(00:42:48) - Growth begins outside comfort zone; Toastmasters

(00:46:25) - Cloning Dakshana from Super 30; Anand Kumar

(00:50:36) - Human reciprocation mental model

(00:57:28) - Execution and determination make the idea successful

(01:00:29) - Life's reverses; Charlie's No self-pity mode

The contents of this audio are for educational and entertainment purposes only, and do not purport to be, and are not intended to be financial, legal, accounting, tax, or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation, or needs, and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at Heilbrunn Center for Graham and Dodd Investing on April 21, 2026.


(00:00:00) - Introduction

(00:02:03) - Charlie Munger's mental models

(00:03:54) - Model 1: The Bedrock model: Take a simple idea and take it seriously

(00:04:51) - Model 2: Ben Graham's three ideas on markets

(00:05:28) - Model 3: Do not overdose on Ben Graham; Poor Charlie's Almanack, Philip Fisher, and Pulak Prasad

(00:06:27) - Model 4: Buffett's lifetime 20-punch card

(00:07:15) - Model 5: Stay in the epicentre of your circle of competence; John Arrillaga

(00:09:09) - Model 6: A high error rate is guaranteed in investing

(00:09:26) - Model 7: Circle the wagons: the 4% rule

(00:10:36) - Berkshire's 12 best decisions in 60 years

(00:12:02) - Mistakes in investing: Ferrari, Progressive Insurance & Goldman Sachs

(00:12:55) - Model 8: Do not cut flowers and water weeds; The Nifty 50 crash in the 1970s & Walmart

(00:15:34) - Model 9: Be a shameless cloner; VIC & Dataroma; Gimat Gross

(00:16:43) - Model 10: History does not repeat itself; Investing in Turkey & Reysas

(00:19:50) - Model 11: Explain your investment thesis in 3-4 sentences to a 10-year old

(00:19:58) - Model 12: You always need a rope to get out of the deepest well

(00:23:14) - Model 13: Nick Sleep; Zen and the Art of Motorcycle Maintenance

(00:26:52) - Model 14: Thou shall not use Excel

(00:27:17) - Model 15: Use a pre-investment checklist

(00:28:06) - Model 16: Be singularly focused like Arjuna

(00:29:27) - Read the footnotes; Turn every page: Robert Caro

(00:31:16) - Model 17: Enjoy hunting for needles in haystacks; Buffett's childhood entrepreneurial adventures

(00:33:40) - Japanese Company Handbook; My introduction to Charlie Munger & Debbie Bozanek

(00:37:27) - Model 18: Your deepest desire is your destiny

(00:38:53) - Model 19: You should always have someone to discuss your investment ideas with; Li Lu

(00:40:45) - Model 20: The mistress is always hotter than the wife! 

(00:41:12) - Model 21: Neither a short-term borrower nor a long-term lender be

(00:41:33) - Model 22: Introduce randomness into your life; Peter Lynch's One up on Wall Street

(00:43:11) - Model 23: Be a Swiss Army knife

(00:43:24) - Model 24-26: Focus on spin-offs, uber cannibals & spawners; Alpha-Metallurgical Resources

(00:44:02) - Model 27: Arbitrage is wonderful; Transocean vs. Valaris

(00:44:17) - Model 28: Heads I win, Tails I don't lose much!; IPSCO and CONSOL Energy

(00:46:10) - Model 29: Focus on low-risk; high uncertainty bets

(00:46:45) - Model 30: Do not skim off the top

(00:47:23) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent advice for living

(00:47:41) - Investing in Turkish vs. Indian markets

(00:50:17) - Follow your passion 

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser. Views expressed on Chai with Pabrai are exclusively those of Mohnish Pabrai and not of any affiliated firm or organization.

Mental Models for Exceptional Capital Allocation by Mohnish Pabrai at The University of Nebraska, Omaha on May 1, 2026.


(00:00:00) - Introduction

(00:02:11) - Charlie Munger's mental models

(00:03:43) - Model 1: The Bedrock: Take a simple idea and take it seriously

(00:04:06) - Model 2: Ben Graham's Fundamentals

(00:04:59) - Model 3: Do not overdose on Ben Graham; Poor Charlie's Almanack, Philip Fisher, and Pulak Prasad

(00:05:16) - Model 4: Buffett's lifetime 20-punch card

(00:06:05) - Model 5: Stay in the epicentre of your circle of competence; John Arrillaga

(00:07:52) - Model 6: A high error rate is guaranteed in investing

(00:08:06) - Model 7: Circle the wagons: the 4% rule

(00:08:44) - Berkshire's 12 best decisions in 60 years

(00:09:41) - Mistakes in investing: Ferrari, Progressive Insurance & Goldman Sachs

(00:12:10) - Model 8: Do not cut flowers and water weeds

(00:13:02) - Model 9: Be a shameless cloner; VIC; Dataroma & SumZero

(00:15:11) - Model 10: History does not repeat itself - but it does rhyme

(00:16:16) - Model 11: Explain your investment thesis to a 10-year old in 3-4 sentences

(00:16:41) - Model 12: You always need a rope to get out of the deepest well

(00:20:50) - Model 13: Pursue quality intensely; Nick Sleep, Zen and the Art of Motorcycle Maintenance

(00:25:31) - Model 14: Thou shall not use Excel

(00:25:52) - Model 15: Develop and use a pre-investment checklist

(00:27:54) - Model 16: Be singularly focused like Arjuna

(00:29:31) - Read the footnotes; Turn every page: Robert Caro

(00:31:44) - Model 17: Enjoy hunting for needles in haystacks; Buffett's childhood entrepreneurial adventures

(00:33:41) - Japanese Company Handbook; My introduction to Charlie Munger & Debbie Bozanek

(00:38:02) - Model 18: Your deepest desire is your destiny

(00:41:15) - Model 19: You should always have someone to discuss your investment ideas with; Li Lu

(00:42:53) - Model 20: The mistress always looks hotter than the wife! 

(00:43:30) - Model 21: Neither a short-term borrower nor a long-term lender be

(00:43:54) - Model 22: Introduce randomness into your life; Peter Lynch's One up on Wall Street

(00:46:28) - Model 23: Be a Swiss Army knife

(00:46:36) - Model 24-26: Focus on spin-offs, uber cannibals & spawners

(00:47:18) - Model 27: Arbitrage is wonderful; Rupert Murdoch

(00:48:26) - Model 28: Heads I win, Tails I don't lose much!; IPSCO and CONSOL Energy

(00:51:43) - Model 29: Focus on low-risk; high uncertainty bets

(00:52:56) - Model 30: Do not skim off the top

(00:53:37) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent advice for living

(00:54:48) - Importance of the Bedrock model

(00:55:30) - Finding great businesses

(00:58:11) - Focusing on my deepest desire

(00:59:23) - Berkshire Hathaway A-shares

(01:00:35) - Intrinsic value of a company

(01:02:17) - The Founders Podcast & Value Investors Club

(01:05:34) - Pursue your passion

(01:07:49) - Making of a Great American Capitalist by Lowenstein

(01:09:05) - Family-run businesses; Walmart

(01:10:24) - The Dakshana Foundation & Giving back

(01:12:45) - Micron

(01:13:43) - Warren's Too Hard pile & Charlie's pie-counter trips

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Mental Models for Running Startups and Businesses, SXSW 2026 on March 16, 2026.


(00:00:00) - Introduction 

(00:00:28) - Charlie Munger's mental models 

(00:01:52) - Model 1: The Bedrock model: Take a simple idea and take it seriously 

(00:02:31) - Model 2: Truth vs. Trust; David Hawkins: Power vs. Force 

(00:05:43) - Costco 

(00:07:56) - Model 3: Your deepest desire is your destiny 

(00:09:40) - Model 4: Heads I win; Tails I don't lose much; Jeff Bezos 

(00:10:36) - How to start a business without capital 

(00:12:44) - Model 5: Be a shameless cloner; Sam Walton & Walmart and Bill Gates & Microsoft 

(00:14:49) - Model 6: Use hacks to improve yourself; Be a harsh grader 

(00:16:02) - Model 7: Hire slow fire fast 

(00:16:53) - Model 8: Incentives are more powerful than you think 

(00:17:51) - Model 10: Pursue quality intensely; Zen and the art of motorcycle maintenance by Robert Pirsig 

(00:18:50) - Model 11: Focus on durable moats 

(00:19:16) - Model 12: The purpose of business is not to make money 

(00:19:45) - Model 13: Outsourcing smaller tasks 

(00:20:39) - The latticework of mental models; Listen to your customer 

(00:24:07) - Focus on taking larger market share 

(00:25:19) - Model 14: Go all-in on no-brainers; Founders Podcast, Business Breakdowns & Acquired podcasts 

(00:28:54) - Book recommendations: Poor Charlie's Almanack, Influence & Excellent Advice for Living 

(00:29:27) - Duan Yongping: Fast is slow 

(00:30:56) - Lifetime ban at a casino in Vegas; Blackjack 

(00:33:09) - Exponential effect of implementing the models together 

(00:34:24) - Benefit of mental models to non-venture backed businesses 

(00:35:12) - El Cortez casino in Las Vegas; Blackjack

(00:41:49) - Mental models for creative professionals; Seinfeld's Is This Anything?

The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

Thumbnail Photo credit: Nick Piacente